Tron Price Prediction: TRX at a Crucial Level

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Written By: Faith Maina
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    Summary:
  • Tron price is at the crucial support-turn-resistance level of $0.1000. Fear remains the key emotion in the market.

Tron price is back up at the resistance level of $0.1000 after dropping below that point earlier in the week. The trend exhibited by this altcoin is similar to that of the leading cryptocurrency – Bitcoin. After dropping below the support level of $40,000 on Tuesday, the latter entity has surged to the support-turn-resistance level of $44,000.

As has been the case in the past, altcoins tend to take a trajectory that is comparable to that of Bitcoin. At the time of writing, Ethereum price was finding support at $3,100 after dropping to 2,650.85 for the first time since early August.

Following the decline in Bitcoin price below the crucial support level of $40,000, some investors are of the opinion that a bearish run is imminent. As such, $0.1000 will likely remain a crucial resistance level in the short term.

Tron price prediction

TRX remains on a rebound after hitting a one-and-a-half week low of 0.0863 on Tuesday. Since then, it has risen by about 14.23% to the current 0.0988. However, Tron price remains 19.51% below September’s high of 0.1230.

On a two-hour chart, the altcoin is trading slightly above the 25 and 50-day exponential moving averages. In the near term, I expect it to ease at around the resistance level of 0.1000.

A pullback is likely to place the support level along the 25-day EMA at 0.0955. On the upside, the bulls may manage to push Tron price to the support-turn-resistance level of 0.1033 before pulling back to the psychological level of 0.1000.

Tron price

Written By: Faith Maina

Faith Maina is a financial analyst and economist. She holds a Bachelor’s Degree in Economics and is underway in her Master’s degree course. She has an expansive understanding of global markets and their drivers. Her specialities are currencies, crypto, commodities, and equities. She lives in Nairobi, Kenya with her husband and son.

Published by
Written By: Faith Maina